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KRG Exported 571,021 BPD in June

KRG Publishes the Monthly Export Report for June 2015.
KRG Publishes the Monthly Export Report for June 2015.

The Kurdistan Regional Government today publishes the Monthly Export Report for June 2015.

The Kurdistan Regional Government (KRG) exported 17,130,639 barrels of crude oil (an average of 571,021 barrels per day (bpd)) in the month of June through the Kurdistan pipeline network to the port of Ceyhan in Turkey.

Of this amount, fields operated by the KRG contributed 12,740,711 barrels (424,690 bpd on average), while fields operated by the North Oil Company (NOC) contributed 4,389,928 barrels (an average of 146,331 bpd).

In June, the KRG supplied SOMO in Ceyhan with 4,493,334 barrels (average of 149,778 bpd).

Due to circumstances beyond the KRG’s control, during June there were 45 hours of downtime for the export pipeline.

In June, the KRG was obliged to increase independent oil sales due to the significant debt backlog arising from the budget cuts of 2014 imposed by the federal government, and the need to pay down debts accumulated in 2014 from pre-payments for oil sales — sales that kept the Region financially afloat at a crucial time for the security and stability of Kurdistan and Iraq. This year, the difficult economic situation facing the Region has been exacerbated by the partial payments made to the KRG by the federal government.

Nevertheless, the KRG remains committed to the 2015 federal Budget Law in its entirety. It will continue to work with its counterparts in Baghdad to reach a resolution on all the outstanding issues of oil and gas as described in the joint statement of June 17, 2015 by the KRG’s Regional Council for Oil and Gas Affairs and the five political parties in the Kurdistan Regional Government.

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